Media Room

Press Kits - Business Banking - Small Business Week 2009

Media Room

TD Canada Trust Small Business
Week Atlantic Canada Highlights

Small business owners in Atlantic Canada are
the most optimistic about how they are feeling about their business
in 2010. Sixty-six percent say that they think it is going to be a
good year for their business or their best year yet (vs. 57%
nationally)

When asked to rate their business’
performance this year, 18% of small business owners in Atlantic
Canada gave themselves an A or A+, indicating that they have had
solid growth or their best year yet (vs. 19% nationally).
Fifty-three percent gave their business a B grade, indicating that
they did as well as they expected (vs. 44% nationally). Eighteen
percent gave themselves a C, saying that they did not have they
year they planned (vs. 21% nationally). Only 2% gave themselves a
failing grade (same as national stat)

Of those small business owners who gave
themselves an A or A+, 69% attributed their good year to the fact
that they were not impacted by the recession (vs. 56%
nationally)

How were Atlantic Canada’s small
business owners impacted by the recession? Twenty-seven percent
lost some business (vs. 31% nationally), 21% are in more debt than
they were 12 months ago (vs. 18% nationally), 9% were forced to
downsize their operations or staffing and 3% say they came close to
bankruptcy or closing. Interestingly, 11% grew their business
despite the recession and 3% grew their business because of the
recession

Thirty-two percent of small business owners
in Atlantic Canada said cash flow was their biggest challenge in
2009 (vs. 25% nationally), followed by the recession (28% vs. 32%
nationally). Twenty-eight percent anticipate that cash flow will
continue to be their biggest challenge in 2010 (vs. 20%
nationally), followed by the recession (24% vs. 30%
nationally)

What keeps small business owners in Atlantic
Canada up at night? The top two responses were the impact of the
recession (32% vs. 31% nationally) and cash flow (32% vs. 28%
nationally)

When asked what is the best thing about
owning your own business, 48% of small business owners in Atlantic
Canada said being able to control their own destiny (vs. 36%
nationally). This was followed by a better work-life balance (25%
vs. 29% nationally) and being their own boss (22% vs. 24%
nationally)